By Devika Patel
Knoxville, Tenn., Oct. 22 - Coretec Inc. said it will conduct a C$1 million non-brokered private placement of 12% three-year convertible debentures.
The debentures will be sold in units of one C$1,000 debenture, each convertible into common shares at C$0.10 per share, and 10,000 warrants.
Each warrant is exercisable at C$0.13 for three years.
Settlement is expected Oct. 29.
Proceeds will be used for working capital.
The fabricator of printed circuit boards is based in Toronto.
| Issuer: | Coretec Inc.
|
| Issue: | Units of one C$1,000 12% three-year convertible debentures and 10,000 warrants
|
| Amount: | C$1 million
|
| Units: | 1,000
|
| Price: | C$1,000
|
| Warrants: | 10,000 warrants per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.13
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 22
|
| Settlement date: | Oct. 29
|
| Stock symbol: | Toronto: CYY
|
| Stock price: | C$0.07 at close Oct. 22
|
| Market capitalization: | C$1.26 million
|
|
|
| Debentures
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | C$0.10
|
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